{"accessLevel": "public", "bureauCode": ["920:00"], "contactPoint": {"fn": "Katherine Tom", "hasEmail": "mailto:ogda-data@frb.gov"}, "description": "Based on confidential supervisory data, this dataset estimates the degree of collateral re-use at the dealer level through their collateral multiplier: the ratio between a dealer's total secured funding and their outright holdings financed through secured funding. Treasury re-use increases as the supply of available securities decreases, especially when supply declines due to Federal Reserve asset purchases. Non-U.S. dealers' re-use increases when profits from intermediating cash are high, U.S. dealers' re-use increases when demand to source on-the-run Treasuries is high, and both types of dealers' re-use can alleviate safe asset scarcity. Finally, there was a sharp drop in Treasury re-use at the onset of the COVID-19 pandemic, with a subsequent reversal after the Federal Reserve's intervention to support market functioning.", "identifier": "FRBC0015", "keyword": ["Capital markets", "U.S. Treasury securities", "Financial markets", "Federal Reserve balance sheet", "Primary dealers", "Data resource"], "landingPage": "https://www.federalreserve.gov/econres/feds/what-drives-us-treasury-re-use.htm", "modified": "2021-08-24", "programCode": ["920:000"], "publisher": {"name": "Board of Governors of the Federal Reserve System"}, "title": "What Drives U.S. Treasury Re-use?"}